The seasonally adjusted unemployment rate was 4.3 percent in the March 2024 quarter, compared with 4.0 percent in the previous quarter, according to figures released by Stats NZ today.
Over the year, the seasonally adjusted unemployment rate rose 0.9 percentage points, up from 3.4 percent in the March 2023 quarter.
The underutilisation rate – a broader measure of spare labour capacity than unemployment alone – was 11.2 percent in the March 2024 quarter. This compared with 10.7 percent last quarter, and 9.1 percent last year.
“Underutilisation not only includes people who are unemployed, but also part-timers who want and are available for more work, as well as people who want jobs but were either unavailable to start work or were not actively seeking,” labour market manager Deb Brunning said.
| Quarter | Unemployment rate | Underutilisation rate |
| Mar-04 | 4.3 | 10.7 |
| Jun-04 | 4.2 | 10 |
| Sep-04 | 3.9 | 9.9 |
| Dec-04 | 3.7 | 9.9 |
| Mar-05 | 3.9 | 9.4 |
| Jun-05 | 3.8 | 9.6 |
| Sep-05 | 3.8 | 9.1 |
| Dec-05 | 3.7 | 9.3 |
| Mar-06 | 4.1 | 9 |
| Jun-06 | 3.7 | 8.6 |
| Sep-06 | 3.9 | 8.8 |
| Dec-06 | 3.8 | 10.4 |
| Mar-07 | 3.9 | 9.9 |
| Jun-07 | 3.6 | 9.8 |
| Sep-07 | 3.6 | 9 |
| Dec-07 | 3.4 | 9.2 |
| Mar-08 | 3.8 | 10.3 |
| Jun-08 | 3.8 | 10 |
| Sep-08 | 4.1 | 10.5 |
| Dec-08 | 4.4 | 11.3 |
| Mar-09 | 5 | 12.3 |
| Jun-09 | 5.8 | 13.7 |
| Sep-09 | 6.2 | 14.8 |
| Dec-09 | 6.6 | 15 |
| Mar-10 | 5.9 | 13.6 |
| Jun-10 | 6.6 | 14.2 |
| Sep-10 | 6.1 | 13.9 |
| Dec-10 | 6.2 | 14 |
| Mar-11 | 6 | 14 |
| Jun-11 | 6.1 | 14.1 |
| Sep-11 | 6 | 13.6 |
| Dec-11 | 6.1 | 13.7 |
| Mar-12 | 6.4 | 14.1 |
| Jun-12 | 6.4 | 14.7 |
| Sep-12 | 6.7 | 15.6 |
| Dec-12 | 6.3 | 14.7 |
| Mar-13 | 5.8 | 13 |
| Jun-13 | 6 | 13.3 |
| Sep-13 | 5.8 | 14.1 |
| Dec-13 | 5.7 | 14 |
| Mar-14 | 5.6 | 13.2 |
| Jun-14 | 5.3 | 13.3 |
| Sep-14 | 5.3 | 12.8 |
| Dec-14 | 5.5 | 13.3 |
| Mar-15 | 5.5 | 13.6 |
| Jun-15 | 5.5 | 13.6 |
| Sep-15 | 5.7 | 13.7 |
| Dec-15 | 5 | 12.5 |
| Mar-16 | 5.3 | 13.7 |
| Jun-16 | 5.1 | 13.1 |
| Sep-16 | 5 | 12.7 |
| Dec-16 | 5.3 | 12.4 |
| Mar-17 | 4.9 | 12.3 |
| Jun-17 | 4.9 | 12 |
| Sep-17 | 4.7 | 12.1 |
| Dec-17 | 4.5 | 12.2 |
| Mar-18 | 4.4 | 11.9 |
| Jun-18 | 4.6 | 12.1 |
| Sep-18 | 4 | 11.3 |
| Dec-18 | 4.3 | 12.2 |
| Mar-19 | 4.2 | 11.3 |
| Jun-19 | 4.1 | 11.1 |
| Sep-19 | 4.1 | 10.3 |
| Dec-19 | 4.1 | 10.1 |
| Mar-20 | 4.2 | 10.4 |
| Jun-20 | 4.1 | 12 |
| Sep-20 | 5.2 | 13.1 |
| Dec-20 | 4.9 | 11.9 |
| Mar-21 | 4.6 | 12.1 |
| Jun-21 | 4 | 10.5 |
| Sep-21 | 3.3 | 9.1 |
| Dec-21 | 3.2 | 9.2 |
| Mar-22 | 3.2 | 9.3 |
| Jun-22 | 3.3 | 9.2 |
| Sep-22 | 3.3 | 9 |
| Dec-22 | 3.4 | 9.4 |
| Mar-23 | 3.4 | 9.1 |
| Jun-23 | 3.6 | 9.9 |
| Sep-23 | 3.9 | 10.4 |
| Dec-23 | 4 | 10.7 |
| Mar-24 | 4.3 | 11.2 |
Over the year, unemployment rose 31,000 while total underutilisation rose 75,000.
Increasing unemployment and underutilisation among young people (aged 15 to 24 years) comprised over half the national increase in each of these measures of spare labour capacity. Annually, youth unemployment rose 21,000 and youth underutilisation rose 44,100 (not seasonally adjusted).
Employment rate declines annually due to working-age population growth
The seasonally adjusted employment rate was 68.4 percent in the March 2024 quarter, down 0.6 percentage points over the quarter and down 1.2 percentage points over the year.
Over the year, the number of people employed increased 36,000 to 2.9 million, while the working-age population increased 129,000 to 4.3 million.
The employment rate represents the proportion of working-age people who are employed. As the rate of employment growth over the year was less than overall working-age population growth, the employment rate declined.
“While the employment rate has declined from recent highs over the past year-and-a-half, it still remains high within the full Household Labour Force Survey (HLFS) timeseries, which began in 1986,” Brunning said.
| Quarter | Men | Women | Total |
| Mar-86 | 77.2 | 52 | 64.2 |
| Jun-86 | 76.8 | 51.9 | 64 |
| Sep-86 | 76.4 | 52.1 | 63.9 |
| Dec-86 | 75.6 | 51.9 | 63.4 |
| Mar-87 | 76.1 | 52.3 | 63.9 |
| Jun-87 | 75.4 | 52.4 | 63.6 |
| Sep-87 | 75.3 | 52.4 | 63.6 |
| Dec-87 | 74.4 | 52.5 | 63.2 |
| Mar-88 | 73.1 | 51.9 | 62.2 |
| Jun-88 | 72.2 | 51.3 | 61.5 |
| Sep-88 | 70.8 | 50.7 | 60.5 |
| Dec-88 | 70.6 | 50.6 | 60.3 |
| Mar-89 | 70 | 49.6 | 59.5 |
| Jun-89 | 69.1 | 48.9 | 58.7 |
| Sep-89 | 69 | 49.1 | 58.8 |
| Dec-89 | 69 | 49.2 | 58.8 |
| Mar-90 | 68.6 | 49.8 | 58.9 |
| Jun-90 | 68.3 | 50.6 | 59.2 |
| Sep-90 | 68 | 49.9 | 58.7 |
| Dec-90 | 67.4 | 49.5 | 58.2 |
| Mar-91 | 66.5 | 49.4 | 57.7 |
| Jun-91 | 65.9 | 49.2 | 57.3 |
| Sep-91 | 65.2 | 48.8 | 56.8 |
| Dec-91 | 64.7 | 48.6 | 56.4 |
| Mar-92 | 65.2 | 48.6 | 56.7 |
| Jun-92 | 65 | 49 | 56.8 |
| Sep-92 | 64.7 | 48.5 | 56.4 |
| Dec-92 | 64.6 | 48.8 | 56.5 |
| Mar-93 | 65.1 | 48.8 | 56.7 |
| Jun-93 | 65.5 | 48.6 | 56.8 |
| Sep-93 | 65.6 | 49.4 | 57.2 |
| Dec-93 | 66.1 | 49.6 | 57.6 |
| Mar-94 | 66.3 | 50.2 | 58 |
| Jun-94 | 67 | 50.3 | 58.4 |
| Sep-94 | 67.6 | 50.8 | 59 |
| Dec-94 | 67.9 | 51.7 | 59.6 |
| Mar-95 | 68.8 | 51.7 | 60 |
| Jun-95 | 69.3 | 52 | 60.4 |
| Sep-95 | 69.5 | 52.5 | 60.8 |
| Dec-95 | 69.8 | 52.6 | 61 |
| Mar-96 | 69.7 | 53.1 | 61.2 |
| Jun-96 | 69.8 | 53.8 | 61.6 |
| Sep-96 | 70 | 54.1 | 61.8 |
| Dec-96 | 69.7 | 53.3 | 61.2 |
| Mar-97 | 69.3 | 53.2 | 61.1 |
| Jun-97 | 69.4 | 53.4 | 61.2 |
| Sep-97 | 69.2 | 53.1 | 61 |
| Dec-97 | 69 | 52.8 | 60.7 |
| Mar-98 | 68.6 | 52.8 | 60.4 |
| Jun-98 | 68 | 52.5 | 60 |
| Sep-98 | 67.5 | 52.7 | 59.9 |
| Dec-98 | 67.2 | 52.5 | 59.6 |
| Mar-99 | 67.6 | 53.3 | 60.3 |
| Jun-99 | 67.8 | 53.4 | 60.4 |
| Sep-99 | 68 | 53.4 | 60.5 |
| Dec-99 | 68.9 | 53.6 | 61 |
| Mar-00 | 68.6 | 53.7 | 60.9 |
| Jun-00 | 68.7 | 53.4 | 60.8 |
| Sep-00 | 69.1 | 54.2 | 61.4 |
| Dec-00 | 69.4 | 54.6 | 61.8 |
| Mar-01 | 69.4 | 54.6 | 61.8 |
| Jun-01 | 69.5 | 55.4 | 62.2 |
| Sep-01 | 70 | 54.8 | 62.2 |
| Dec-01 | 70 | 55.7 | 62.6 |
| Mar-02 | 71.1 | 55.7 | 63.1 |
| Jun-02 | 70.8 | 56 | 63.2 |
| Sep-02 | 70.5 | 55.6 | 62.8 |
| Dec-02 | 70.4 | 55.8 | 62.9 |
| Mar-03 | 70.4 | 55.7 | 62.8 |
| Jun-03 | 70.4 | 56 | 63 |
| Sep-03 | 70.7 | 56.8 | 63.5 |
| Dec-03 | 70.4 | 56.6 | 63.3 |
| Mar-04 | 71 | 56.6 | 63.6 |
| Jun-04 | 71.9 | 56.2 | 63.8 |
| Sep-04 | 71.9 | 57.3 | 64.4 |
| Dec-04 | 72.5 | 58.2 | 65.1 |
| Mar-05 | 72.2 | 57.9 | 64.8 |
| Jun-05 | 72 | 58.2 | 64.8 |
| Sep-05 | 72.7 | 58.7 | 65.5 |
| Dec-05 | 72.7 | 58.3 | 65.3 |
| Mar-06 | 72.8 | 58.9 | 65.6 |
| Jun-06 | 73 | 59.2 | 65.9 |
| Sep-06 | 72.8 | 58.6 | 65.5 |
| Dec-06 | 72.9 | 58.2 | 65.3 |
| Mar-07 | 72.9 | 59.2 | 65.8 |
| Jun-07 | 73 | 59.5 | 66 |
| Sep-07 | 73.2 | 58.7 | 65.7 |
| Dec-07 | 72.8 | 59.8 | 66.1 |
| Mar-08 | 72.6 | 59.5 | 65.8 |
| Jun-08 | 72.3 | 59.6 | 65.7 |
| Sep-08 | 71.8 | 59.8 | 65.6 |
| Dec-08 | 72.4 | 59.9 | 65.9 |
| Mar-09 | 70.6 | 58.8 | 64.5 |
| Jun-09 | 70.8 | 58.3 | 64.3 |
| Sep-09 | 69.2 | 58.2 | 63.5 |
| Dec-09 | 69.3 | 57.8 | 63.3 |
| Mar-10 | 69.6 | 57.6 | 63.4 |
| Jun-10 | 69.3 | 57.7 | 63.3 |
| Sep-10 | 70.3 | 57.6 | 63.7 |
| Dec-10 | 69.4 | 57.5 | 63.3 |
| Mar-11 | 69.9 | 58.1 | 63.8 |
| Jun-11 | 69.7 | 58.4 | 63.8 |
| Sep-11 | 70.1 | 58 | 63.9 |
| Dec-11 | 69.6 | 58.1 | 63.7 |
| Mar-12 | 69.8 | 58.1 | 63.7 |
| Jun-12 | 69.2 | 58.4 | 63.6 |
| Sep-12 | 68.7 | 58.3 | 63.3 |
| Dec-12 | 68.7 | 58.1 | 63.3 |
| Mar-13 | 68.9 | 58.1 | 63.3 |
| Jun-13 | 69.1 | 58.1 | 63.4 |
| Sep-13 | 69.9 | 58.8 | 64.1 |
| Dec-13 | 70.4 | 58.8 | 64.4 |
| Mar-14 | 70.6 | 59.3 | 64.8 |
| Jun-14 | 70.8 | 58.9 | 64.7 |
| Sep-14 | 70.6 | 59.6 | 64.9 |
| Dec-14 | 71 | 60.2 | 65.5 |
| Mar-15 | 71.2 | 60.2 | 65.5 |
| Jun-15 | 71.1 | 59.7 | 65.3 |
| Sep-15 | 70.1 | 59.2 | 64.5 |
| Dec-15 | 70.5 | 59.6 | 64.9 |
| Mar-16 | 70.7 | 60.2 | 65.3 |
| Jun-16 | 71.9 | 61.2 | 66.5 |
| Sep-16 | 72.4 | 61.1 | 66.6 |
| Dec-16 | 72.5 | 61.7 | 67 |
| Mar-17 | 73.2 | 61.8 | 67.4 |
| Jun-17 | 72.7 | 61.5 | 67 |
| Sep-17 | 73.5 | 62.4 | 67.8 |
| Dec-17 | 73.5 | 62.6 | 68 |
| Mar-18 | 73.4 | 62.8 | 68 |
| Jun-18 | 73.2 | 62.9 | 68 |
| Sep-18 | 73.2 | 63.4 | 68.2 |
| Dec-18 | 72.7 | 63.2 | 67.8 |
| Mar-19 | 72.5 | 62.9 | 67.6 |
| Jun-19 | 72.6 | 63.1 | 67.8 |
| Sep-19 | 72.6 | 63 | 67.7 |
| Dec-19 | 72.5 | 62.6 | 67.5 |
| Mar-20 | 72.8 | 62.8 | 67.7 |
| Jun-20 | 72.4 | 62.1 | 67.2 |
| Sep-20 | 71.7 | 61.2 | 66.4 |
| Dec-20 | 72 | 61.6 | 66.7 |
| Mar-21 | 72.2 | 62.3 | 67.2 |
| Jun-21 | 72.8 | 63 | 67.8 |
| Sep-21 | 73.1 | 64.5 | 68.7 |
| Dec-21 | 73.2 | 64.4 | 68.7 |
| Mar-22 | 73.3 | 64.2 | 68.7 |
| Jun-22 | 73 | 64.2 | 68.6 |
| Sep-22 | 73.8 | 64.9 | 69.3 |
| Dec-22 | 74 | 64.9 | 69.4 |
| Mar-23 | 74.1 | 65.3 | 69.7 |
| Jun-23 | 74.4 | 65.4 | 69.8 |
| Sep-23 | 73.9 | 64.6 | 69.2 |
| Dec-23 | 73.6 | 64.5 | 69 |
| Mar-24 | 72.8 | 64.1 | 68.4 |
Annually, the number of youth aged 15 to 24 years in employment fell by 24,900 to 381,800. At the same time, employment for people aged 30 to 44 years increased 50,800 (not seasonally adjusted).
“As employment among Aotearoa’s rangatahi falls, statistics on youth not in employment, education, or training (NEET) continue to provide important context around youth engagement in education along with the job market,” Brunning said.
The seasonally adjusted proportion of youth aged 15 to 24 years who were NEET was 12.4 percent in the March 2024 quarter.
Two decades of youth employment and education has more information on long-term NEET trends.
Wages and earnings growing but slowing
Labour cost index (LCI) salary and wage rates (including overtime) increased 4.1 percent in the year to the March 2024 quarter.
“Wage cost inflation continued to grow over the year, but annual growth was slower than it has been in recent quarters,” Brunning said.
As measured by the Quarterly Employment Survey (QES), average weekly earnings (including overtime) for full-time equivalent employees (FTEs) also increased – up 5.8 percent over the year to the March 2024 quarter to $1,593.
Average hourly earnings up 5.2 percent annually has more information on earnings.
